Paris - The financial crisis is having a deep impact on the global demand for oil, the International Energy Agency (IEA) reported on Friday in its Monthly Oil Report.

According to the IEA, "Weak baseline summer demand in the main OECD consuming countries in the face of higher (oil) prices is now being perpetuated by weakening economic prospects and, most recently, by a spiralling liquidity crisis, which risks tipping OECD economies into outright recession."

In addition, "Tightening credit and equity markets will slow the pace of investment, with smaller, independent (oil) producers and, potentially, several Russian operators seen as particularly at risk," the agency said.

As a result, the IEA has revised its forecast for the growth of global oil demand to its lowest level in 15 years.

In addition, world oil demand is now expected to average 240,000 barrels per day (bpd) less in 2008 than previously estimated, the IEA said, and 440,000 bpd less than forecast for 2009.

Because the idustrial nations are hardest hit by the crisis, the IEA has reduced oil demand in the OECD nations by roughly 360,000 bpd in both 2008 and 2009, to 48.1 million bpd and 47.5 million bpd, respectively.